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This Week's Crypto News Highlights You Shouldn't Miss (02 - 06 May 2022)

By Ayan Sinha | cryptomagnetic | 7 May 2022


Another $1.5 billion in Bitcoin was purchased by the Luna Foundation Guard. The Luna Foundation Guard (LFG) added to its $1.5 billion BTC acquisition to underpin its UST stablecoin reserve. The purchase was made as part of LFG's $1 billion OTC exchange with Genesis and 3AC.

DappRadar reports that Otherside's NFT drop temporarily turned Ethereum into a deflationary asset. Yuga Labs completed the long-awaited launch of their Otherside NFT drop. The demand for it was so tremendous that ETH gas prices skyrocketed, temporarily turning Ethereum into a deflationary asset.

In France, Binance receives its first European regulatory approval. The most popular cryptocurrency exchange has reached a significant milestone. In France, the stock market authority registered the company as a Digital Asset Service Provider (DASP).

To combat inflation, the Fed announces a 0.5 percent rate hike, the most in 22 years. In an effort to combat rising inflation, the US Federal Reserve announced another 0.5 percent rate hike. This was the highest raise in 22 years that was approved at the most recent FOMC meeting this week.

Tether's CTO Paolo Ardoino says the company has no plans to go public (Exclusive Interview). Tether's CTO, Paolo Ardoino, confirmed in an exclusive interview with CryptoPotato that the business behind the world's largest stablecoin by market cap has no plans to go public.

The CEO of Ripple believes the SEC lawsuit will be resolved this year. The case between Ripple and the US Securities and Exchange Commission could be concluded before the end of the year, according to Brad Garlinghouse, the company's CEO. He stated that everything has gone smoothly thus far.

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Ayan Sinha
Ayan Sinha

✨ Versatile Content Curator ✍️ Creative Expressionist ✨


cryptomagnetic
cryptomagnetic

I believe that the decentralized world will grow exponentially, becoming an integral part of our daily lives. With the technical breakthroughs in AI, VR, nanotech, quantum computing, and inception of increasing number of businesses; now entrepreneurs are adopting blockchain technology in everyday life. My passion is to deliver unbiased news, in-depth analytics, comprehensive cryptocurrency price charts, insightful pieces to raise awareness of the intricacies and advantages offered in digital revolution.

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